SailingStone Capital Partners LLC

Key Holdings

The portfolio is dominated by a few large positions, reflecting a "barbell" approach or high-conviction investing. The top holding, Compass Minerals Intl Inc (CMP), accounts for 30.82% of the portfolio ($98.02M). Despite a reduction in shares (an 8.3% decrease in value), it remains the anchor position. The second and third largest holdings, Ivanhoe Electric Inc and Range Resources Corp (RRC), represent 20.43% and 11.35% of the portfolio, respectively. Notably, RRC was the subject of aggressive accumulation during the quarter, with the stake increasing by 47.3%.

Linde PLC rounds out the top four, holding steady at 10.73% of the portfolio. The firm holds significant positions in smaller or more volatile names such as Energy Vault Holdings and Mac Copper Limited, though the latter saw a massive reduction of 58.8%. The top 10 holdings are essentially the entire portfolio, meaning every position listed is material to the fund's overall performance.